HR 8817
116th Congress
House
Taxation
Administrative law and regulatory procedures
Charitable contributions
Department of the Treasury
Income tax deductions
Preserving Charitable Incentives Act
Introduced: November 24, 2020
Introduced by:
Panetta, Jimmy
Democratic
· California
See on congress.gov
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Nov 24, 2020
Referred to the House Committee on Ways and Means.
Nov 24, 2020
Introduced in House
Plain-English summary
Preserving Charitable Incentives Act
This bill increases the cap for corporate charitable tax deductions from 25% to 100% of a corporation's taxable income for taxable years beginning in 2020 and 2021. This increase encourages corporate donors (e.g., restaurants and retailers) to donate excess inventory rather than destroying it. The bill allows a carryover of excess inventory into the succeeding taxable year.
The bill also directs the Department of the Treasury to revise regulations with respect to the treatment of inventory as costs of goods sold for purposes of the charitable tax deduction.
What's happening now
Referred to the House Committee on Ways and Means.
Committees of jurisdiction
1